Transition to a greener economy in Latvia ”/ Article / LSM.lv

The Nordic-Baltic Business Forum “Nordic Approach to the European Green Course: Transition to a Greener Economy in Latvia” will discuss the transition to a more environmentally friendly business model and the impact of the Green Course on business in general. It will be on Wednesday, March 24, online and live from pl. From 13.00 to 15.30 will also be available on LSM.lv.

Over the next seven years, € 1.8 billion will be invested in the European economy, of which at least 30% will go to the European Green Course. In addition, Latvia will receive more than 10 billion euros from the European Union (EU) budget and at least three billion are planned for the transition to climate neutrality in various areas. Therefore, these funds can be a tool for Latvian entrepreneurs to recover from the crisis caused by Covid-19.

The aim of the forum is to promote discussions and exchange of experience between Nordic investors, companies and partners in Latvia, aimed at overcoming the economic and social crisis caused by the Covid-19 pandemic, starting the path towards the Green Course set by the European Union member states.

In the introduction, Latvian Prime Minister Krišjānis Kariņš (“New Unity”) and Deputy Director General for Regional Policy of the European Commission Normunds Popēns will provide an insight into the European and Latvian action plans for the implementation of the Green Course and regional co-operation.

No pl. 13.30 Several Nordic investors in Latvia – leaders in the fields of sustainable investment, environmentally friendly transition and circular economy – will share their experience. For example, Neste and Orkla are in the TOP 100 global sustainability ratings. TietoEVRY, Dinex and IKEA, on the other hand, are vivid examples of both the range of products on offer and the transformation of the business model itself in line with sustainability goals.

Representatives of the Nordic Investment Bank and Swedbank will present the financial sector’s vision for sustainability and the role of banks in the ongoing changes.

At the same time, the forum will discuss regional cooperation, European Union support mechanisms and attracting investment for more sustainable, climate-neutral and environmentally friendly business.

“Sustainability, green growth and the circular economy may seem abstract concepts to some, but behind these words lie real political, economic, social and technical processes that create an attractive business environment and investment attraction. In the Nordic Vision 2030 program, the Nordic countries are committed to working together to promote green society initiatives by promoting carbon neutrality and a sustainable, circular and organic economy, ”emphasizes Stefan Erikson, Director of the Nordic Council of Ministers’ Office in Latvia.

According to Erikson, the business forum on March 24 will outline the prospects for the Nordic approach to the Green Course in the Baltics in order to promote closer, mutually beneficial co-operation and integration in the Nordic-Baltic region.

Participation in the forum is free of charge, interested parties are invited register. Working language – English.

At the end of 2020, all EU Member States agreed on more ambitious climate targets. Namely, a significant (55%) reduction in carbon dioxide emissions by 2030 in order to achieve climate neutrality in the European Union by 2050 in line with the requirements of the Paris Agreement.

The key elements of the European Green Course are European Climate Law, the EU Biodiversity Strategy, the Field to Table Strategy, the EU Industrial Policy Strategy and the Sustainable Financial Framework. Significant changes are expected to affect all sectors of the economy in the coming years, but in particular energy, transport, construction, industry, agriculture and the financial sector.

The forum is organized by the Danish, Norwegian, Finnish and Swedish Chambers of Commerce in Latvia in co-operation with the Nordic Embassies and the Nordic Council of Ministers’ Office in Latvia.

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